Business

Newly-registered firms soar in first five months

Released at: 13:45, 27/05/2016

Number reaches 44,740, up 24.1% y-o-y.

by Hoang Huong

Vietnam registered 44,740 new enterprises with total capital of VND349 trillion ($15.6 billion) in the first five months of this year, an increase of 24.1 per cent in number and 59.3 per cent in capital against the same period of 2015, according to the National Business Registration Portal at the Ministry of Planning and Investment (MPI).

Average capital stood at VND7.8 billion ($348,660), up 28.4 per cent year-on-year. Nearly 532,000 jobs were created, an increase of 2.6 per cent over the same period last year.

There were also nearly 13,000 businesses returning to the market after previously suspending operations.

The real estate sector recorded the highest growth, of 121.4 per cent, with 1,076 new enterprises, followed by health and social welfare with 198 new enterprises, for growth of 81.7 per cent. The number in entertainment and arts, meanwhile, fell significantly, by 26.5 per cent, with 583 new enterprises being registered.

In terms of capital, real estate again saw the highest growth, of 456.3 per cent, with nearly VND86 trillion ($3.8 billion) in total, followed by information and communications with VND15.2 trillion ($684.2 million), up 383.2 per cent.

Capital in new entertainment and arts enterprises was VND1.7 trillion ($77.3 million), down 42.2 per cent, while the construction sector had VND48 trillion ($2.1 billion), down 26.9 per cent, the MPI said.